$70m forfeit: Wealthy businessman strikes record-breaking deal with police Wed, 16 Jun 2021, 10:58AM
Chinese-Canadian businessman Xiao Hua Gong has cut a record breaking deal with the New Zealand Police under the asset seizure laws. (Photo / Supplied)
$70m forfeit: Wealthy businessman strikes record-breaking deal with police Wed, 16 Jun 2021, 10:58AM
Wealthy Canadian businessman Edward Gong has agreed to pay millions of dollars to the New Zealand government in the largest ever settlement made under the Criminal Proceeds (Recovery) Act since the law came into effect in 2009.
A wealthy Chinese-Canadian businessman has agreed to forfeit more than $70 million by cutting a record-breaking deal with the New Zealand police.
Derivatives trader CLSAP NZ admits anti-money laundering law breaches in case with FMA
5 May, 2021 10:23 PM
6 minutes to read
CLSA Premium New Zealand has admitted to anti-money laundering breaches. Photo / File
NZ Herald
A Kiwi derivatives trading firm and subsidiary of a Hong Kong company has admitted breaching anti-money-laundering laws after action was taken by the regulator. CLSA Premium New Zealand Limited (CLSAP NZ) was accused of nearly $50 million in suspicious transactions in a civil case filed in the High Court at Auckland by the Financial Markets Authority (FMA) in June last year.
Today, the FMA said the Auckland-based company has admitted it breached the Anti Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. The markets watchdog had alleged the company failed to comply with its legal obligations between April 2015 and November 2018.
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When Xiao Hua “Edward” Gong was arrested and tried for running a pyramid scheme and laundering money, the U.S. government seized his American properties. Among the millions of square feet are some eye-catching commercial real estate, like a huge Detroit-area hotel, an even-bigger former factory and a majority share of a historic office building in Downtown Chicago.
Those assets are going on the market now, and the seller is as reliable as they come.
“With government-owned assets, the properties are definitely going to sell,” Real Look Vice President of National Development Justin Ochs said. “Inspection and closing windows are relatively short, so you know you have a seller in the marketplace ready, willing and able to sell the property.”
Supplied
A photo of the fire, taken from Gracechurch Drive, Flat Bush, near Point View Drive. Property records show the house is owned by Chinese-Canadian businessman Xiao Hua Gong, also known as Edward Gong, who is accused of running a $202 million pyramid scheme.
Stuff has attempted to contact Gong through his lawyer. According to Auckland Council’s property values calculator, the home is worth about $2.025 million. The man who was in the house at the time of the fire was alerted by a smoke alarm. He then ran next door for help. Robert Watson, Counties Manukau senior fire risk management officer, said in an incident report the man had found the curtains and a couch in the lounge aflame.